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Buy various currencies
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Created: by SdoubleW Attachments:0

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Buy various currencies

  #1 (permalink)
Frankfurt
 
 
Posts: 4 since Aug 2019
Thanks: 0 given, 0 received

Buy various currencies

Hello all,
Second post from a newcomer, and hope you could advise me on something Fx related, albeit not related to daytrading.
I would like to invest in AUD, CAD, SGD and GBP and was wondering what the best way is of doing so. I use a mainstream trading platform called Swissquote and am not looking to buying futures (sorry for posting the question here) but actual currency.

Perhaps for pure speculation a GBP future would be of interest, expecting a recovery of the GBP within 2 years. Are there any such longer term futures out there, if so any you could advise and why?

Thank you in advance.
SdoubleW

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  #2 (permalink)
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  #3 (permalink)
Frankfurt
 
 
Posts: 4 since Aug 2019
Thanks: 0 given, 0 received


****
Due to the lack of response I assume this question is misplaced here. Can anyone suggest a forum where I could discuss such matters? Thank you in advance.
SWW

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  #4 (permalink)
Slovakia
 
Trading Experience: Intermediate
Platform: Ninjatrader 8
Broker/Data: Interactive Brokers
Favorite Futures: K200M
 
Posts: 167 since Aug 2009
Thanks: 64 given, 86 received

I think IBKR as a broker would be best for holding currencies physically list of currencies AUD, CAD, CNH/CNY, CHF, CZK, DKK, EUR, GBP, HKD, HUF, JPY, MXN, NOK, NZD, RUB, SEK, SGD or USD. except (INR and KRW)you cant convert in this 2 currencies

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  #5 (permalink)
Market Wizard
Boca Raton
 
Trading Experience: Advanced
Platform: Variety
Broker/Data: Optimus Futures, LLC
Favorite Futures: Futures
 
mattz's Avatar
 
Posts: 2,385 since Sep 2010
Thanks: 2,321 given, 3,460 received


SdoubleW View Post
Hello all,
Second post from a newcomer, and hope you could advise me on something Fx related, albeit not related to daytrading.
I would like to invest in AUD, CAD, SGD and GBP and was wondering what the best way is of doing so. I use a mainstream trading platform called Swissquote and am not looking to buying futures (sorry for posting the question here) but actual currency.

Perhaps for pure speculation a GBP future would be of interest, expecting a recovery of the GBP within 2 years. Are there any such longer term futures out there, if so any you could advise and why?

Thank you in advance.
SdoubleW

Just go to your bank and convert your currency. You don't need a brokerage account if you just want to hold.

Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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  #6 (permalink)
Legendary Market Wizard
Houston, TX
 
Trading Experience: Advanced
Platform: XTrader
Broker/Data: Advantage Futures
Favorite Futures: Energy
 
Posts: 2,970 since Dec 2013
Thanks: 2,411 given, 5,316 received


SdoubleW View Post
Hello all,
Second post from a newcomer, and hope you could advise me on something Fx related, albeit not related to daytrading.
I would like to invest in AUD, CAD, SGD and GBP and was wondering what the best way is of doing so. I use a mainstream trading platform called Swissquote and am not looking to buying futures (sorry for posting the question here) but actual currency.

Perhaps for pure speculation a GBP future would be of interest, expecting a recovery of the GBP within 2 years. Are there any such longer term futures out there, if so any you could advise and why?

Thank you in advance.
SdoubleW

What do you mean by invest in a currency? Currencies trade in pairs. You sell one currency and buy another. So if you want to invest (I assume buy) AUD you have to sell another currency to buy it. Most FX brokers will allow you to trade AUD against CAD, CHF, EUR, GBP, ILS, JPY, NOK, NZD, SEK, USD, ZAR and probably some other less prominent currencies. It should be pointed out that forward currency rates are very interest rate dependent. If you sell a high yielding currency (say South African Rand ZAR) to buy a low yielding one (say EUR) you can expect to lose 7%/year on the funding/interest spread. So you need the currency to move 7% just to breakeven.

The Liquid CME Futures (AUD/6A, GBP/6B, CAD/6C, EUR/6E, JPY/6J, MXN/6M, NZD/6N) are all USD crosses. While they do list several other crosses (mostly vs EUR) many of these have little to no volume. For example EUR:GBP /RP only traded 3000 lots today and EUR:JPY /RY barely over 1000.

There's also the ICE.US/NYBOT Dollar Index Contract which is based upon a Geometric mean of a weighted basket of USD currencies but it's heavily EUR based.


Obelixtrader View Post
I think IBKR as a broker would be best for holding currencies physically list of currencies AUD, CAD, CNH/CNY, CHF, CZK, DKK, EUR, GBP, HKD, HUF, JPY, MXN, NOK, NZD, RUB, SEK, SGD or USD. except (INR and KRW)you cant convert in this 2 currencies

Interactive are known to have very tight bid-asks and good size. So if your going to trade they are probably a good option. Their rolls/swaps/interest rates or whatever you want to call it though are terrible. So if your holding a position, they are not as good an option.

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  #7 (permalink)
Slovakia
 
Trading Experience: Intermediate
Platform: Ninjatrader 8
Broker/Data: Interactive Brokers
Favorite Futures: K200M
 
Posts: 167 since Aug 2009
Thanks: 64 given, 86 received


SMCJB View Post
Interactive are known to have very tight bid-asks and good size. So if your going to trade they are probably a good option. Their rolls/swaps/interest rates or whatever you want to call it though are terrible. So if your holding a position, they are not as good an option.

But if you convert currencies with FXCONV you will not pay any swaps.

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